Hewlett-Packard Company (NYSE:HPQ) is highly considering the replacement of Leo Apotheker. One of the potential candidates is former eBay CEO Meg Whitman according to a source with Bloomberg.
Apotheker has been the HP CEO for about 11 months thus far. He would be leaving the company in bad shape too. HP had to cut down their sales forecasts three times since Apotheker became CEO. HP’s stock price also dropped 47%.
After Bloomberg reported the possible change in management, HP’s stock increased as high as 11.7%. Whitman joined HP’s board of directors this past January after a failed attempt to become the governor of California.
The pressure on Apotheker to turn the company around became more intense after he announced a $10.3 billion acquisition of enterprise software company Autonomy Corp. He also said that they are considering the option of spinning off their PC division.
You shouldn’t feel bad for Apotheker though because he made at least $9.4 million over the year that he worked at HP. His severance would be two-times his sum base salary of $1.2 million, which is $2.4 million.